The net profit for United Bank for Africa (UBA) for the six months to June dropped 16 per cent to N316.4 billion, the audited report of the pan-African lender showed on Monday after release.
Post-tax profit for Nigeria’s second-biggest lender took a battering after it incurred 235.3 per cent more in income tax expense compared to a year earlier.
It also recorded a N311.7 billion net fair value loss on derivatives, a shift from a gain of as much as N348.4 billion a year earlier, setting it up for a 76.5 per cent in net trading and foreign exchange gain.
The income the top-tier bank generated from trading in financial assets and foreign exchange dwindled to N98.2 billion from N418.3 billion during the period.
Subscribe our newsletter to stay updated
Thank you for subscribing!
Subscribe our newsletter to stay updated
Thank you for subscribing!
